More Color On Janney Montgomery's Upgrade On Agree Realty (ADC)
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Earlier today, an analyst at Janney Montgomery upgraded Agree Realty (NYSE: ADC) from Sell to Neutral. Janney said although its main concern was with Agree Realty's lack of tenant diversification, the stock price is down where Janney thinks the risk of potential future vacancy is already reflected in the stock. In fact, Janney said Agree Realty trades at a 31.6% discount to Janney's revised reNAV per share estimate, making it cheap relative to its peers.
Also, the report noted that ADC's dividend (yielding 9.1%) is not at risk, even if vacancies arise. Janney issued 12-month fair value for Agree of $26.
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